Problem 2 - Record accounts receivable transactions Here are the details of transactions that occurred between Garfield Company and MiKi, Inc.: (a) On August 1, Garfield Company sold merchandise on account to MiKi, Inc. for S80,000, terms 5/15, n/30. (b) On August 6, MIKİ, Inc. returned merchandise worth $13,000 to Garfield Company. (c) On August 20, MiKi, Inc. paid for the merchandise. Purpose The purpose of this problem is to demonstrate an understanding of recognizing and recording accounts receivable tran Instructions After analyzing the transactions, record the journal entries for Garfield Company. Guidance For formatting guidance, see the journal entry examples that are provided in Chapter 8 of the textbook. Your Answers:

Problem 2 - Record accounts receivable transactions Here are the details of transactions that occurred between Garfield Company and MiKi, Inc.: (a) On August 1, Garfield Company sold merchandise on account to MiKi, Inc. for S80,000, terms 5/15, n/30. (b) On August 6, MIKİ, Inc. returned merchandise worth $13,000 to Garfield Company. (c) On August 20, MiKi, Inc. paid for the merchandise. Purpose The purpose of this problem is to demonstrate an understanding of recognizing and recording accounts receivable tran Instructions After analyzing the transactions, record the journal entries for Garfield Company. Guidance For formatting guidance, see the journal entry examples that are provided in Chapter 8 of the textbook. Your Answers:

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section: Chapter Questions

Problem 1MP

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Problem 1 - Record accounts receivable transactions Here are the details of transactions that occurred between Garfield Company and MiKi, Inc.:(a) On August 1, Garfield Company sold merchandise on account to MiKi, Inc. for $80,000, terms 5/15, n/30.(b) On August 6, MiKi, Inc. returned merchandise worth $13,000 to Garfield Company.(c) On August 20, MiKi, Inc. paid for the merchandise. After analyzing the transactions, record the journal entries for Garfield Company.
Purchases Transactions Barans Company purchased merchandise on account from a supplier for $7,100, terms 2/10, n/30. Barans Company returned $1,100 of the merchandise and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is credited by Barans Company to record the return?
b) Given below are summaries of transactions with receivables for the month of February for a business. The balance on the sales ledger control account at 1 February was P4,268. Goods sold on credit Goods returned by credit customers Irrecoverable debts Money received from credit customers Discounts allowed Contra entries Prepare the Sales Ledger Control Account. P15,487 P995 P210 P13,486 P408 P150
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Journalize the following transactions for a perpetual company: a. Issued credit memo no. 2, $37, to Lee Co. An allowance was granted and the customer kept the merchandise. The sale was on account. b. Cash sales, $175, with a cost of $60. c. Received check from Denise Co., $600, less 1% discount. d. Bought merchandise on account from Jaxon Co., $50, invoice no. 20; term 2/10, n/30. e. Cash purchase of merchandise, $45. f. Issued debit memo to Jaxon Co $30, for merchandise returned from invoice no. 20.
Record the following transactions on the books of Galaxy Co.a. On July 1, Galaxy Co. sold merchandise on account to Kingston Inc. for $17,200, terms2/10, n/30.b. On July 8, Kingston Inc. returned merchandise worth $3,800 to Galaxy Co.c. On July 11, Kingston Inc. paid for the merchandise.
24. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? a. Cash... Accounts Receivable. b. Cash...... Sales Returns and Allowances. Accounts Receivable. c. Cash...... Sales Returns and Allowances. Sales Discounts. Accounts Receivable. d. Cash...... Sales Discounts.. Sales Returns and Allowances. Accounts Receivable.... 4,400 4,356 644 4,356 600 44 4,950 50 4,400 5,000 5,000 600 4,400
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Jan. 30. Sold merchandise on account to John Smith, $185,000. The cost of the merchandise sold was $150,000. June 3. Received $148,000 and wrote off the remainder owed on the sale of January 30 as uncollectible. Nov. 27. Reinstated the account that had been written off on June 3 and received cash in full payment.
What was the September 1 balance in the Orchid Company subsidiary account?
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?
of cash required for the payment? b. What account is credited by Flounder Company to record the return? -3 p. 291 p.288 PE 6-2B Purchases transactions OBJ. 2 Wiseman Company purchased merchandise on account from a supplier for $85,000, terms 1/10, n/30. Wiseman Company returned $9,800 of the merchandise and received full credit. a. If Wiseman Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is debited by Wiseman Company to record the return? PE 6-3A Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. F6 c b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise. Copyright 2021 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-310 21 Cengage…
Recognizing Accounts Receivable On June 7, Pixer Co. sells $1,500 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. a. Prepare the entry on Pixer's books to record the sale. b. Prepare the entry on Pixer's books to record the receipt of payment.